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Sony and NEC Sign Optical Disc Drive Business AgreementThe planned date of establishment of Sony NEC Optiarc Inc, is April 3, 2006 (February 27, 2006)
Sony Corporation ("Sony") and NEC Corporation ("NEC") announced today that they have signed a definitive agreement to establish a joint venture company, Sony NEC Optiarc Inc., in carrying out optical disc drive business. Shinichi Yamamura, currently Deputy President of Video Business Group of Sony, will serve as the president of the new company.
Sony and NEC will separate their respective optical disc drive businesses on April 1, 2006 in preparation for creating this joint venture. The planned date of establishment of Sony NEC Optiarc Inc, is April 3, 2006 and it will take over the two separated businesses in creating one company.
Outline of Sony NEC Optiarc Inc. Joint Venture Company
Company Name: Sony NEC Optiarc Inc. Business Profile: Development, engineering, production, marketing and sales of optical disc drive products Scale of Business: 220 billion yen (FY04 sales of the optical disc drive business of Sony and NEC combined) Establishment: April 3, 2006 Head Office: 1-11-1 Osaki, Shinagawa-ku, Tokyo Representative: Representative Director and President, Shinichi Yamamura (currently Deputy President, Video Business Group, Sony Corporation) Capital: 490 million yen Stock Ratio: Sony 55%, NEC 45% Employees: Approximately 350 Directors: Katsumi Ihara, Kiyoshi Nishitani, Hidenosuke Kanai, Shinichi Yamamura, Shunichi Suzuki, Masahiko Yamamoto, Eiichi Ichikawa
Consummation of the establishment the joint venture company remains subject to approvals of any governmental or regulatory authorities required in Japan and other countries.
About NEC Corporation
NEC Corporation (TSE: 6701)(NASDAQ: NIPNY)(UK: NEC.IL) is one of the world's leading providers of Internet, broadband network, and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. Ranked as one of the world's top patent-producing companies, NEC delivers tailored solutions in the key fields of computers, networking, and electron devices by integrating its technical strengths in IT and networks and by providing advanced semiconductor solutions through NEC Electronics Corporation. The NEC Group employs more than 140,000 people worldwide and had net sales of 4,855 billion yen (approx. $45.4 billion) in the fiscal year that ended in March 2005. For additional information, please visit the NEC website at: http://www.nec.com<BR />
Sony Corporation is a leading manufacturer of audio, video, game, communications, key device and information technology products for the consumer and professional markets. With its music, pictures, computer entertainment and on-line businesses, Sony is uniquely positioned to be the leading personal broadband entertainment company in the world. Sony recorded consolidated annual sales of approximately $67 billion for the fiscal year ended March 31, 2005. Sony Global Web Site: Sony Global Web Site: http://www.sony.net
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